Mortgage rates slip to four-month low


Yahoo Money 08 July, 2021 - 12:46pm 15 views

A scorching, undersupplied real estate market is contributing to the decrease in purchase applications, but homeowners holding off on refinancing don’t really have a comparable excuse.

With the typical mortgage rate still historically low, over 14 million homeowners have opportunities to save an average $287 a month with a refinance, the mortgage technology and data provider Black Knight recently said.

Both the field of refi candidates and the average savings will inevitably start shrinking once mortgage rates climb back to their pre-pandemic levels.

Mortgage applications experienced an overall decline of 1.8% last week, according to data released by the Mortgage Bankers Association on Wednesday. It was the second week in a row in which applications for both refinance and purchase mortgages fell, and it marked the lowest level of application activity since the beginning of 2020.

After dropping 8% in the MBA’s previous survey period, refinance applications shed another 2% last week. That’s despite the average rate on a 30-year fixed rate mortgage — the most popular mortgage product in the U.S. — falling to 2.98% last week, according to mortgage giant Freddie Mac. (This week, it's down to 2.90%.)

Rather than signaling the end of America’s refinance boom, the dip in refi demand is more of a seasonal phenomenon, says Maria Fregosi, chief investment officer with mortgage lender Homepoint Financial.

"It was a holiday week," Fregosi says. "We usually see lower applications as people focus on other activities. We expect to see an uptick in applications this week."

There may also be some market fatigue at work, says Corey Burr, senior vice president at TTR Sotheby’s International Realty in Washington, D.C.

“Millions of Americans have refinanced or purchased in the last 15 months at rates very close to current rates," Burr says. "Jockeying the market to save an eighth or a quarter of a point is not a priority right now."

Saving a fraction of a percent may not be a priority for homeowners if they expect rates to continue hovering around historic lows for the foreseeable future, but that's probably not going to happen.

"If the 30-year fixed drops to 2.5% or 2.625%, that will lead to a new wave of refinances," Burr says, "but don't bet on it, as the improving economy will put upward pressure on rates. The thought that rates will drop significantly below 3% is wishful thinking."

Recent signs of a recovering economy, like last week's report of stronger-than-expected in hiring in June, have not pushed mortgage rates higher. The yields (interest) on Treasury bonds have fallen, taking fixed mortgage rates with them. Fregosi expects rates to remain below 3% until the 10-year Treasury yield starts improving.

"If we continue to have inflation fears, you will see the benchmark Treasury rate go up, and mortgage rates go up too," she says.

Because of the looming increases in rates, Fregosi says homeowners should consider refinancing sooner rather than later.

"Rates are low and mortgage companies are not at the capacity levels they were at during the pandemic, so service levels are also high," she says. "Assuming you plan to stay in the house long enough to cover the closing costs, refinancing makes sense now."

Despite the pandemic's ultra-low mortgage rates, 78% of eligible homeowners did not refinance their mortgages in the year ending April 2021, a recent Zillow survey found. If you've put off taking out a new home loan, you could be leaving a lot of money on the table.

Once you finally decide to refinance your home, you’ll want to check mortgage rates from at least five lenders to find a loan that fits your budget.

But note that a lender may not automatically offer you the lowest interest rate available. That usually requires a little bit of effort on your part.

You'll want to be seen as a good risk — which can be tough if you’ve got a pile of high-interest debt. Taking out a debt consolidation loan can help you reduce both the number of payments you make each month and the amount of interest you're paying.

You’ll erase your debt faster and improve your cash flow, two things lenders like to see.

Don’t get too down if a refi isn't possible, because you have other ways of cutting the cost of homeownership. When the time comes to buy or renew homeowners insurance, for example, make sure you get quotes from multiple insurers. It’s quick, easy and could save you hundreds of dollars.

Content provided by Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states. Over the past week, mortgage rates have remained largely unchanged for refinancing, while those for home purchase are also mostly unchanged. Homeowners and buyers should take advantage of reduced home mortgage rates, knowing that the Federal reserve is not raising rates and investors are not pushing rates higher. Current mortgage refinance rates for July 8, 2021 Today,

In 2008, a housing bubble that had been inflating since 2004 inhaled its last breath and finally popped -- and what a pop it was. The financial markets lost 30% of their value as foreclosure signs...

(Bloomberg) -- Thursday’s stock swoon will have come as no surprise to players in the $6.6 trillion U.S. exchange-traded fund market, judging by their actions in the past few days.Months of unbroken bullishness that saw record flows to cyclically-exposed funds is giving way to caution, with bearish bets picking up in the options market and cash diverting to safer assets.With a red day unfolding on Wall Street, it all looks prescient.Investors pulled $3.9 billion from the SPDR S&P 500 ETF Trust (

(Bloomberg) -- India has named a former bureaucrat who graduated from the country’s top engineering school its new Information Technology minister, appointing a new point person to handle an increasingly fractious relationship with the world’s largest technology giants.Ashwini Vaishnaw, 51, will head the ministries of Electronics & Information Technology, Communications as well as Railways, the government announced late on Tuesday evening. The incoming minister has an MBA from the Wharton School

A popular gripe about Californians moving into nearby states is they bring their politics with them. The newest complaint could be they’re bringing high home prices as well.

In “Val,” the actor Val Kilmer, now in his early 60s, appears before us as a broken-down relic of himself. His face, once beaming and chiseled, with that smile that resembled a bite, now looks soggy and morose, with dark eyebrows that give him an oddly Nixonian cast. More dramatically, he speaks in a thin […]

Once your home is on the market, it's a product, not your home. Even in a seller's market, the wrong attitude can hurt your bottom line. Avoid these 6 mistakes.

The question of whether to charge your electric car every night gets asked by some EV drivers who worry persistently about depleting the battery without a charging station nearby. The short answer to the question is no. In general, you should not charge your electric car every night. The practice of charging an electric vehicle every night can shorten the lifespan of the car’s battery pack.

‘The shift in the market’s outlook suggests that rates have little reason to move sharply higher anytime soon.’

On an unadjusted basis, the volume of applications for a loan to purchase a home was 14% lower than the same time in 2020.

Scientists have found 13 places in the human genome that may influence our susceptibility to a coronavirus infection or risk of severe COVID-19.

Every week we highlight the most timely exchange-traded fund news, from new launches to inflows and performance.

The driver of the car was headed west on US 40 Highway “at a very high rate of speed” when it crashed, police said.

Mortgage refinancing rates are very low right now, with some rates starting at below 3% as of the writing of this article (you can compare today’s best refi rates here). Indeed, “while rates continually fluctuate, they have dipped to record-setting lows this year,” says Alfredo Padilla, a spokesperson for Wells Fargo home lending. What’s more, many experts expect interest rates to rise this year, so now may be the time to act.

Shares of North America-focused precious metals miner Hecla Mining (NYSE: HL) fell a touch over 17% in June according to data from S&P Global Market Intelligence. The interesting thing here is that the prices of silver and gold had little to do with the stock move, but you need to step back a little bit and look at the bigger picture to really see what's going on. In a mid-June presentation to investors, Hecla noted that between Jan. 29 and June 11 its stock was up 59%.

The 2021 Consumer Housing Trends Report (CHTR) provides a snapshot of what housing consumers are thinking and doing in mid-2021. In this report, we take a deeper look at homeowners The post Homeowners: Results from the Zillow Consumer Housing Trends Report 2021 appeared first on Zillow Research.

A recent report from real estate listing website Zillow found that 78% of homeowners skipped their chance to refinance their mortgage at record low rates in the past 12 months. The half who did refi...

Apple has been an American success story several times over with the Mac, iPod, iPhone and other inventions. But is Apple stock a buy now? Here's what its stock chart and earnings show.

Making plans with new people is exciting, but it can also be tricky if you don't know much about their finances. The last thing you want to do is suggest an activity or locale outside their budget, so...

Read full article at Yahoo Money

Mortgage applications sink to their lowest level since before the pandemic hit

CNBC 08 July, 2021 - 04:03pm

Mortgage demand fell for the second week in a row, as low inventory and high home prices continue to weigh on the housing market.

Mortgage applications decreased 1.8% last week, according to the Mortgage Bankers Association's seasonally adjusted index, falling to the lowest level since the beginning of 2020, before the coronavirus pandemic started to take a toll on the economy.

Both refinance and purchase applications took a hit, even as mortgage rates slipped.

Mortgage applications to refinance a home dropped 2% for the week and were 8% lower than a year ago. Refinance applications have trended lower than 2020 levels for the past four months, according to the MBA.

Home purchase applications dropped 1% for the week and came in 14% lower than a year ago.  

"Swift home-price growth across much of the country, driven by insufficient housing supply, is weighing on the purchase market and is pushing average loan amounts higher," said Joel Kan, MBA's associate vice president of economic and industry forecasting.

Falling mortgage rates didn't spur demand. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) dropped 5 basis points to 3.15, with points decreasing to 0.38 from 0.39 (including the origination fee) for loans with a 20% down payment.

Mortgage rates loosely follow the yield of the 10-year Treasury. Mortgage rates dipped despite good economic news, Kan added.

"Treasury yields have been volatile despite mostly positive economic news, including last week's June jobs report, which showed ongoing improvements in the labor market. However, rates continued to move lower – especially late in the week," he said. "The 30-year fixed rate was 11 basis points lower than the same week a year ago, but many borrowers previously refinanced at even lower rates."

Got a confidential news tip? We want to hear from you.

Sign up for free newsletters and get more CNBC delivered to your inbox

Get this delivered to your inbox, and more info about our products and services. 

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Today’s 10-year mortgage rates slide, others show no change | July 8, 2021

Fox Business 08 July, 2021 - 04:03pm

Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital SolutionsLegal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.

This material may not be published, broadcast, rewritten, or redistributed. ©2021 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy

Based on data compiled by Credible, mortgage rates remained mostly unchanged since yesterday, with the exception of 10-year rates, which dropped.

What this means: Those looking to purchase a home with a shorter term could find a couple of bargains in particular: Rates for a 10-year mortgage dropped to 2.000% for the first time in July, and 20-year rates are sitting at 2.500% for the second day in a row — the lowest rates this term has seen in nearly five months. Meanwhile, 30-year rates have held steady at 2.875% for six consecutive days, and 15-year rates have been sitting at 2.125% for two consecutive days. 

To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

Browse rates from multiple lenders so you can make an informed decision about your home loan.

After dropping to a near five-month low of 2.500% yesterday, today’s 20-year mortgage refinance rates jumped back up to 2.750%. Rates across 30-, 15- and 10-year terms are higher than they were at the beginning of the week but all terms remain at historic lows so homeowners looking to refinance could still find a bargain. If you’re considering refinancing an existing home, check out what refinance rates look like:

A site like Credible can be a big help when you’re ready to compare mortgage refinance loans. Credible lets you see prequalified rates for conventional mortgages from multiple lenders all within a few minutes. Visit Credible today to get started.

Mortgage and refinance rates are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered.

If you want to get the lowest possible monthly mortgage payment, taking the following steps can help you secure a lower rate on your home loan:

It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. According to research from Freddie Mac, borrowers can save $1,500 on average over the life of their loan by shopping for just one additional rate quote — and an average of $3,000 by comparing five rate quotes. 

Credible can help you compare current rates from multiple mortgage lenders at once in just a few minutes. Are you looking to refinance an existing home? Use Credible’s online tools to compare rates and get prequalified today.

Mortgage interest rates have fluctuated from day to day but rates across all terms have held at historic lows all year. Today’s average interest rate is just 2.375% — the lowest it’s been in July.

The current interest rate for a 30-year fixed-rate mortgage is 2.875%. This is the same as yesterday. Thirty years is the most common repayment term for mortgages because 30-year mortgages typically give you a lower monthly payment. But they also typically come with higher interest rates, meaning you’ll ultimately pay more in interest over the life of the loan.

The current interest rate for a 20-year fixed-rate mortgage is 2.500%. This is the same as yesterday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate — and pay less in total interest over the life of the loan.

The current interest rate for a 15-year fixed-rate mortgage is 2.125%. This is the same as yesterday. Fifteen-year mortgages are the second-most-common mortgage term. A 15-year mortgage may help you get a lower rate than a 30-year term — and pay less interest over the life of the loan — while keeping monthly payments manageable. 

The current interest rate for a 10-year fixed-rate mortgage is 2.000%. This is down from yesterday. Although less common than 30-year and 15-year mortgages, a 10-year fixed-rate mortgage typically gives you lower interest rates and lifetime interest costs, but a higher monthly mortgage payment.

You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders who offer mortgage refinancing as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates through the link below.

Today, mortgage rates are a mixed bag compared to this time last week.

If you’re trying to find the right rate for your home mortgage or looking to refinance an existing home, consider using Credible. You can use Credible's free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.

Researchers at Freddie Mac expect mortgage rates to rise slightly throughout 2021, citing the Federal Reserve’s commitment to keeping interest rates low for the foreseeable future.

Fannie Mae researchers anticipate mortgage rates to trend slightly higher this year, citing an ongoing rise in the 10-year Treasury yield. Ultimately, though, Fannie Mae experts believe lenders will "absorb" some of the elevated costs as "refinance demand gradually wanes" — keeping rates at relatively stable levels. 

Here are the predictions for how 30-year fixed rates will look for the rest of the year:

Actual average 30-year fixed rate in Q1 (January to March): 2.877%

A home insurance policy can help cover unexpected costs you may incur during homeownership, such as structural damage and destruction or stolen personal property. Coverage can vary widely among lenders so it’s wise to shop around and compare policy quotes.

Credible has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible's partner here. It's fast, easy and the whole process can be completed entirely online. 

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at and your question might be answered by Credible in our Money Expert column.

This material may not be published, broadcast, rewritten, or redistributed. ©2021 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy

U.S. mortgage application volumes at lowest since early 2020 -MBA

Yahoo Finance 08 July, 2021 - 04:03pm

(Reuters) - The number of applications for home mortgages decreased last week to the lowest level since early 2020, dampened by declines in refinancing activity and purchase applications.

The Mortgage Bankers Association (MBA) said on Wednesday its seasonally adjusted market index fell 1.8% in the week ending on July 2 from a week earlier, leaving it at to the lowest level since January 2020. This reflected a 2.3% decrease in applications to refinance existing loans and a 1.1% drop in applications to purchase a home.

The average contract interest rate for traditional 30-year mortgages decreased to 3.15% last week from 3.20% the prior week.

"The 30-year fixed rate was 11 basis points lower than the same week a year ago, but many borrowers previously refinanced at even lower rates," Joel Kan, MBA's associate vice president of economic and industry forecasting, said in a statement. "Refinance applications have trended lower than 2020 levels for the past four months."

Rising home prices combined with insufficient supply has continued to weigh on the housing market.

(Reporting by Evan Sully; Editing by Sandra Maler)

A breakneck rally in U.S. government bonds continued on Thursday, with 10-year Treasury yields falling to their lowest levels since early-2021 as investors sensed cracks in the economic recovery and cooling risks of high inflation. The S&P 500 is currently indicated to open down about 1.25%, and in a sign of just how uniform the decline has been, both the Dow and Nasdaq futures are also in the red by about the exact same amount.

Though rates are under 3% again, refi demand is down for a second week in a row.

The variant is predicted to soon become the dominant COVID-19 strain in the U.S.

Mortgage refinancing rates are very low right now, with some rates starting at below 3% as of the writing of this article (you can compare today’s best refi rates here). Indeed, “while rates continually fluctuate, they have dipped to record-setting lows this year,” says Alfredo Padilla, a spokesperson for Wells Fargo home lending. What’s more, many experts expect interest rates to rise this year, so now may be the time to act.

A recent report from real estate listing website Zillow found that 78% of homeowners skipped their chance to refinance their mortgage at record low rates in the past 12 months. The half who did refi...

The S&P 500 rose slightly on Wednesday and held its gains after the Federal Reserve released the minutes from its last meeting, which showed officials divided on economic signals. According to the minutes of the U.S. central bank's June policy meeting, Fed officials that substantial further progress on the economic recovery "was generally seen as not having yet been met," though participants expected progress to continue. "I read this as effectively a dovish set of notes simply because they don't feel as a group that they have enough certainty around the situation to make any changes at all," said Brad McMillan, chief investment officer at Commonwealth Financial Network in Waltham, Massachusetts.

An economy powering back from the COVID-19 shock and resurgent inflation is yesterday's story if the sharp rally in the world's biggest bond markets in the last 24 hours is anything to go by. Prices on U.S. 10-year Treasuries have shot up, pushing yields down 8 basis points on Tuesday in their second biggest daily drop of 2021. British gilt yields fell to a similar low while German Bund yields -- which looked set to push above 0% in May -- have dropped to -0.3%.

Nvidia Corp. stock closed at its third record high in a row Tuesday, putting it on track for a record eighth consecutive week of gains.

The British pound has bounced a bit during the trading session on Wednesday, as the ¥152.50 level has offered support.

The British pound has gone back and forth during the course of the trading session Wednesday as we continue to test major support just below.

(Bloomberg) -- LinkDoc Technology Ltd. has halted plans for a U.S. initial public offering, people familiar with the matter said, the first known company to pull out of a debut after China’s government cracked down on overseas listings.Market volatility has played a part in the postponement and the Beijing-based medical data company could revisit its listing plans when conditions improve, said one of the people, who asked not to be identified as the information is private.LinkDoc was slated to p

(Bloomberg) -- KKR & Co. has committed to $8 billion in commercial-property loans so far in 2021, more than double its previous full-year record, as the pandemic reopening stokes demand for financing.“The market is just roaring back from a volume perspective,” Matt Salem, KKR’s head of real estate credit, said in an interview. “Pipelines are very big across the board.”Demand for new loans has revived as construction picks up, debt matures and low interest rates spur refinancing on favorable term

Britain's housing market boom showed some signs of cooling in June as prices fell in monthly terms for the first time since January ahead of the scaling back of a tax break for buyers, mortgage lender Halifax said on Wednesday. Prices were 0.5% lower than in May, Halifax said. "It is important to put such a moderate decrease in context, with average prices still more than 21,000 pounds ($29,000)higher than this time last year, following a broadly unprecedented period of gains," Halifax managing director Russell Galley said.

Continuing his look back to last quarter during Tuesday's "Mad Money" program, host Jim Cramer highlighted the biggest winners on the Nasdaq, many of which continued to be COVID winners, despite the economy beginning to reopen. The best stock in the Nasdaq last quarter was Moderna , up 79%. Cramer said shares are pricey, but if you believe the delta variant of COVID spells trouble, shares could continue to rally.

This morning r2c, a startup building a SaaS service around the Semgrep open-source project, announced that it has closed a $27 million Series B. Felicis led the round, which the company said was a pre-emptive deal. Prior investors firms Redpoint and Sequoia also participated in the fundraising event; r2c last raised a $13 million Series A in October of 2020. The startup fits into several trends that TechCrunch has explored in recent quarters, including what appears to be a growing number of open-source (OSS) grounded startups raising capital, more rounds coming to exist thanks to investors looking to get the jump on inside rounds before they can form.

The start of phasing out of the stamp duty holiday led to house prices dipping 0.5% in June.

For Branson's sake we can only hope the ride will be less turbulent than that of Virgin Galactic's stock. Virgin Galactic shares blasted off on June 25 after the company won approval for passenger space flights, clearing the way for Branson's planned July 11 flight.

The stock market just got hit with a pretty large sell-off. Here's a quick reason why.

The state of Wyoming has become the first in the US to approve and legally recognise a Decentralised Autonomous Organisation (DAO).

Average mortgage rates continue to fall

Honolulu Star-Advertiser 08 July, 2021 - 02:15pm

Homes were seen in the Kaimuki neighborhood at the foot of Diamond Head.

WASHINGTON >> Mortgage rates continued to fall this week, tracking a decline in yields on Treasury securities as the bond market continues to signal concerns over the strength of the recovery from the pandemic recession.

Mortgage buyer Freddie Mac reported today that the average for the 30-year home loan eased to 2.90% from 2.98% last week. By contrast, the rate stood at 3.03% a year ago.

The rate for a 15-year loan, a popular option among homeowners refinancing their mortgages, fell to 2.20% from 2.26% last week. Freddie Mac economists expect economic growth to gradually push mortgage rates higher in the second half of the year.

The bond market has been signaling the economic recovery concerns for months, specifically that it may have peaked and is now leveling off to a steadier pace. Home loan rates tend to track moves of the yield on the 10-year Treasury note — which rises when bond prices fall. The benchmark yield has been falling steadily in recent weeks as traders shift money into bonds. It was quoted at 1.30% around midday today, after trading as high as 1.74% at the end of March.

The market concerns also spilled into stocks, which were broadly lower today as investor caution set in after the market hit a series of record highs last week.

Last week’s government report on the job market in June showed that in an encouraging burst of hiring, U.S. employers added 850,000 jobs. That was well above the average of the previous three months and a sign that companies may be having an easier time finding enough workers to fill open jobs. But the Labor Department reported today that the number of Americans seeking unemployment benefits rose last week by 2,000 from the previous week to 373,000.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines.

Having trouble with comments? Learn more here.

Treasury rates drop amid Fed talks on economic stimulus – here’s what that means for interest rates

Fox Business 08 July, 2021 - 11:11am

Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital SolutionsLegal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.

This material may not be published, broadcast, rewritten, or redistributed. ©2021 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy

The Federal Reserve released its minutes Wednesday, showing increased discussions of when to remove its economic stimulus, sending interest rates and the stock market plummeting.

The Fed elected at the June meeting to keep the federal funds rate at a target range of 0% to 0.25%. But the meeting minutes showed that Federal Open Markets Committee members are increasingly debating when the federal stimulus should end. 

And while the minutes also made clear that the Fed will provide ample warning before making any moves, this talk was enough to send investors away from their bets on surging economic recovery and rising inflation. 

As investors changed direction, interest rates hit their lowest point since the winter, according to Freddie Mac's latest Primary Mortgage Market Survey. The 30-year fixed-rate mortgage dropped to 2.9%, the lowest level since mid-February. 

"Mortgage rates decreased this week following the dip in U.S. Treasury yields," Freddie Mac Chief Economist Sam Khater said. "While mortgage rates tend to follow Treasury yields closely, other factors can be impactful such as the labor markets, which are continuing to improve per last week’s jobs report. We expect economic growth to gradually drive interest rates higher, but homebuyers and refinance borrowers still have an opportunity to take advantage of 30-year rates that are expected to continue to hover around 3%."

Interest rates may be poised to rise, especially if the Fed’s talks about moving away from bond-buying continues. A retreat from this would not only be the first step away from Fed-driven stimulus that was put in place during the pandemic but would also foreshadow that raising interest rates was on the horizon. But for now, rates remain at historic lows. 

This material may not be published, broadcast, rewritten, or redistributed. ©2021 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy

Mortgage rates slide to lowest levels since winter as investors grow skeptical of economic recovery

MarketWatch 08 July, 2021 - 09:14am

The 15-year fixed-rate mortgage fell six basis points to an average of 2.2%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage slid by two basis point to an average of 2.52%.

“While longer-term changes in rates are likely to be to the upside, the shift in the market’s outlook suggests that rates have little reason to move sharply higher anytime soon,” he added.

“Rates slipped as investors realized that the last Fed discussion may not have been as hawkish as was originally believed,” said chief economist Danielle Hale. She added that mortgage rates are likely to bounce around the 3% mark through August at least, given that the Fed is unlikely to lay out a timeline for when it will begin to wind down its stimulus efforts including the purchasing of mortgage-backed securities. That purchasing activity has allowed mortgage rates to fall and remain near record lows.

“Mortgage rates remain not too far from their historical lows, and consumers are expressing even greater confidence about their household income and job situation compared to this time last year, when the pandemic had shut down wide swaths of the economy,” Duncan said.

The global population of people worth $30 million or more grew by 1.7% in 2020.

Jacob Passy is a personal-finance reporter for MarketWatch and is based in New York.

Business Stories